Barrington Brothers has secured $60 million in construction financing for The Kavista, a 284-unit development in Miami. JLL Capital Markets arranged the 2.5-year loan on behalf of the borrower, provided by Trez Capital.
The eight-story community will have one-, two- and three-bedroom floorplans, ranging from 559 to 1,133 square feet, according to Yardi Matrix data. A total of nine live-work units will also be available, ranging from 863 to 1,133 square feet, according to the same data provider.
Community amenities are slated to include a pool, barbecue area, coworking lounge, theater and fitness center. Electric vehicle charging stations and a total of 355 parking spaces will also be available.
An expanding neighborhood within an expanding market
Located at 495 NE 83rd St., the development will be within the burgeoning El Portal neighborhood of Miami, where the Barrington Brothers already owns the 128-unit The Corridor and the 62-unit The Corridor South, right across the street from The Kavista. The company worked with the Village of El Portal to increase density and height limits.
Downtown Miami is some 6 miles south of the development. Interstate 95 is 2 miles west, while North Shore Medical Center is some 3 miles in the same direction. Several retail, dining and entertainment options will be available within a 1-mile radius of the community.
Investment and development activity reached new highs last year in Miami. Transaction volume amounted to $7.4 billion, while a total of 16,221 units came online, according to Yardi Matrix.